Husk Power Systems, a renewable utility company working towards rural electrification, has received an equity investment worth $20 million to expand the renewable mini-grid business in Africa and Asia.
Husk designs, builds, owns and operates power plant and distribution network in India and Tanzania.
The investment has been provided by three entities: Shell Technology Ventures, Swedfund International (Swedish development finance institution) and ENGIE Rassembleurs d’Energies, (ENGIE group’s impact investment fund).
With the new investment, Husk endeavors to accelerate its contribution towards the development of an estimated $190 billion mini-grid market leading up to the year 2030.
“Together with our strategic partners, we are now confident of achieving our vision of becoming the world’s largest rural utility company providing 24/7, 100 percent renewable and affordable power to drive inclusive and sustainable development in growth markets“, Manoj Sinha, the co-founder of Husk, said in a media release.
“Access to reliable electricity drives development and is essential for job creation, women empowerment and combating poverty. The private sector plays a central role when electrifying the rural areas of developing countries. We are very pleased to be part of Husk’s expansion, where our long-term capital and extensive experience of evolving sustainable businesses will give multiple effects for the whole society”, Gerth Svensson, the chief executive officer at Swedfund said.
Husk Power Systems was founded in the year 2008 and kickstarted the much-needed rural electrification in the energy deficient state of Bihar through off-grid power generation and distribution solution.
According to Mercom’s India Solar Project Tracker, Bihar currently has 110 MW of installed solar capacity.
Micro grids are a viable option in areas where setting up mega projects is difficult due to topographical and accessibility limitations. Mercom had recently reported that about 63 solar micro grids totaling 1,899 kWp have been installed in India so far.